Paul

Loans are agreements in which a lender gives a borrower money with the understanding that the borrower will pay it back over time, with added interest. They are used for major purchases, debt consolidation, and other financial needs that cannot be met with immediate savings.  Key components of a loan Principal:  The initial amount of money borrowed. Interest rate:  The fee charged by the lender, calculated as a percentage of the principal. Higher rates lead to higher total repayment costs. Term:  The period over which the borrower agrees to repay the loan. Repayments:  The regularly scheduled payments made to the lender to pay back both the principal and interest.  Rent to own $50 loans Instapay advance $100 fast loans Early pay advance Common types of loans Loans are typically categorised based on whether they require collateral and whether the interest rate is fixed or variable.  By collateral Secured loans:  Require the borrower to o...